As the blockchain and cryptocurrency industries continue to advance, innovative technologies and concepts are continually emerging. One such forward step is the introduction of Liquid Staking Derivatives (LSD) into the crypto ecosystem.
The IoTeX community recently voted 97% in favor of adding Liquid Staking Derivatives (LSD) through the IoTeX DAO voting process (IIP-13). This is a significant achievement as it allows users to hold onto their coins on the blockchain while staking them on liquidity providers (LPs), promoting network participation, liquidity and reserves, and creating more opportunities for IoTeX development. (Source: Coindesk https://www.coindesk.com/tech/2023/03/21/iotex-blockchains-dao-votes-97-in-favor-of-adding-ether-liquid-staking-derivatives/) This proposal can serve as an industry standard for other blockchain platforms to consider introducing Ethereum Liquid Staking Derivatives (LSD).
IIP-13 (IoTeX Improvement Proposal 13) clears the way for Liquid Staking dApps and interest-earning derivatives to flourish in the IoTeX ecosystem. By enabling new use cases for staked IOTX, this IIP can contribute to a more dynamic and versatile ecosystem, ultimately benefiting token holders and developers alike. By representing staking buckets as non-fungible tokens (NFTs), the IoTeX network can leverage the unique features of NFTs to enhance protocol security, making it easier to track and manage individual staking buckets. As NFTs, IOTX staking buckets can now be leveraged as collateral and freely traded, reducing the token's circulating supply and spurring network participation.
IIPs are essential to bolstering IoTeX's position as the leading choice for emerging DePIN economies and strengthening the network's security.
As one of the top decentralized exchanges on IoTeX, we are thrilled to expand our offerings for liquidity providers and traders on the platform following IoTeX IIP13's successful vote. Mimo will be the ideal platform where users can swap staked IOTX with IOTX and vice versa. Users can also provide liquidity for staked IOTX and IOTX pair to earn trading fees.
We believe that the inclusion of LSD on IoTeX will offer more opportunities for Mimo and the platform's community. Through our reliable and user-friendly exchange service, Mimo can attract more users to trade digital assets while staying aligned with the vision of creating a decentralized and open financial system.
In conclusion, we're excited about the outcome of the IoTeX voting and eagerly anticipate collaborating with the IoTeX community to bring more innovation and benefits to the platform.
mimo is a decentralized exchange (DEX) with automated liquidity on IoTeX. Instead of a centralized order book, mimo utilizes liquidity pools and automated market making (AMM) algorithms to connect buyers and sellers of crypto-assets in a decentralized fashion. Mimo allows anyone to trade or provide liquidity for various pairs of assets, where those that provide liquidity for a specific pool will share the transaction fees for trading.